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15 Questions you should ask before making an offer, when buying a business.
By Willard Michlin-CPA
Most people have questions they need answered before making an offer and before hiring help to evaluate, audit or review the business. The most commonly asked questions are as followed:
What information should I ask for? The broker … (Click here to continue reading “15 Questions Every Business Buyer Should Ask Before Buying”)
Why More People Do not buy a business? By Willard Michlin, CPA, CBB
September 13, 2011
Introduction
The business brokerage industry throws around a number of “one in 14 buyers actual buy a business.” This is based on statistics gathered from some old time brokers. They must of actually kept track of how many … (Click here to continue reading “Why Don’t More People Buy Businesses?”)
Do You Think You Do Not Need Due Diligence When Buying a Franchise?
Opening up a new franchise location can cost upwards of $250,000. This is a lot of money for a business buyer to invest in a new unproven location. New investigative reports are now stating that the selling of new franchise locations is … (Click here to continue reading “Avoiding Fraud When Buying a Franchise Business”)
Willard Michlin
By: Willard Michlin, CPA
I was asked by a buyer, last week, “How do you know if a business has good books?” That is a wonderful question. It reminds me of the story of the President of the US. (Not this President exclusively but all Presidents), “How do you know when … (Click here to continue reading “Business Valuation Pitfalls : How do you know if a business has good books?”)
Willard Michlin
By: Willard Michlin, CPA
A business buyer who owns a business in Mexico was telling me about the corruption in government and business. This buyer had due diligence done on a gift business in Chula Vista and found that the reported profit was 15% different than reported. The buyer was of … (Click here to continue reading “Business Due Diligence Expectations : How Much Error Should a Buyer Expect from a Business Seller’s Financial Reports?”)
Willard Michlin
By: Willard Michlin, CPA
When buying a business one has to see what is not on the financial documents provided by the seller. To do that you need to graduate the Sherlock Holmes College of Observation. Mr. Holmes was famous for seeing small clues that appeared to other to be meaningless, … (Click here to continue reading “Due Diligence Pitfalls : What are the biggest barriers to doing Due Diligence?”)
Willard Michlin
By: Willard Michlin, CPA
Gas stations are one of the most wanted businesses by prospective buyers. The reasons being are:
They can make a lot of money. The convenience store takes in cash sales Everyone needs to buy gas regardless of the economic climate. Gas Station Due Diligence
There is a … (Click here to continue reading “Business Buying Advice : 6 Reasons For Performing Due Diligence When Buying A Gas Station”)
Willard Michlin
By: Willard Michlin, CPA
To the best of my knowledge there are only three experts in California that really understand auto body shops. A few of the key things to know about body shops are:
The bulk of the business goes to the shops with multiple insurance contracts. The shops doing … (Click here to continue reading “Due Diligence Ideas : What Experts Say About Buying Auto Body Shops”)
Willard Michlin
By: Willard Michlin, CPA
Smog shops can be a very nice business to buy. The dangers of these businesses need to be known. Before you buy, because after you close escrow there is no turning back. Hillary Clinton says it takes a Village to raise a child. I do not know … (Click here to continue reading “Business Buying Tip : 5 Tips For Buying Smog Repair Shops and Why You Should Care”)
Willard Michlin
By: Willard Michlin, CPA
When a seller decides to sell his business, he is motivated by some reason. It usually has something to do with the business and not the individual himself. Sellers quite often site personal or family reasons for selling. Even illness is not a business reason but a … (Click here to continue reading “Business Buying Pitfalls : Troubleshooting a Business to Buy”)
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